Sunday, October 12, 2008

Reykjavik Goes Broke

Iceland goes bankrupt. The European island nation in the North Atlantic Ocean is the latest country to suffer during the current global economic crisis.

An excerpt from the Mandel article (above link): "What ‘bankrupt’ means is just that: The country cannot pay back its external debts, and the Icelandic currency, the krona, has become essentially valueless in the rest of the world. That means the country can no longer pay for imports."